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hereto and made a part hereof. The full legal description of the Premises shall be noted on the survey to be provided by Commission as hereinafter required. Said Premises shall include all of Commission's right, title and interest, if any, in and to (i)any land lying in the bed of any street, road or avenue, open or proposed, in front of or adjoining such real property to the center line thereof to the extent included in the legal description of the Premises, but subject to public rights-of-way and easements; (ii)any strips and gores of land adjacent to, abutting or used in connection with such real property; (iii) any easements and rights, if any,inuring to the benefit of such real property or to Commission in connection therewith; and(iv) any and all rights in and to any leases, licenses or other assets of any type or nature pertaining to the use of such real property. (e) "Purchase Price" shall mean the Purchase Price for the Premises of Two Hundred Twenty-five Thousand Dollars ($225,000.00). (f) "Title Commitment" shall mean the commitment issued by an ALTA approved title insurance company ("Title Company") selected by Commission in which the Title Company commits itself to issue to Developer an Owner's Policy of Title Insurance upon demand in the full amount of the Purchase Price, setting forth the state of the title to the Premises and subject only to those"permitted exceptions"hereinafter described. 2. Purchase and Sale of Property. Subject to the terms,provisions and conditions set forth herein, Commission hereby agrees to sell the Premises to Developer, and Developer hereby agrees to purchase the Premises from Commission. 3. Purchase Price and Closing Payment. Developer shall pay to Commission at Closing, the Closing Payment of One Dollar ($1.00). Upon the Certificate of Occupancy being issued for the First Building Project, Developer shall pay to Commission the balance of the Purchase Price for the Premises in the sum of Two Hundred Twenty-five Thousand Dollars ($225,000.00). 4. Survey of Premises. Promptly after execution hereof, Commission shall order and procure, at the expense of Commission, a boundary survey of the Premises showing the location, area and dimensions of all improvements, easements, streets, roads, flood hazard areas and alleys on or abutting said Premises, and providing a legal description of the Premises. 5. Title to Premises. (a) State of Title to be Conveyed. At the Closing, Commission shall convey to Developer, by a quitclaim deed in which Commission warrants as to its own acts affecting title, fee simple title to the Premises, free from all liens, encumbrances, restrictions, rights-of- way and other matters,-excepting only the "permitted exceptions" described as follows: (i)the lien of general real estate taxes not yet due and payable, subject to proration of taxes as hereinafter provided; (ii) liens or encumbrances of a definite or ascertainable amount and which will be paid and discharged in full by or for Commission at or prior to the Closing; and (iii)zoning ordinances, easements, visible or of record, matters disclosed by the survey, and other restrictions and limitations of record provided the same do not prevent or materially interfere with Developer's intended use of the Premises. In addition, the deed shall be subject to -2-